Asian stocks continued their downward slide as the regional benchmark embarked on a fifth consecutive day of losses. The markets are worried about the American Fed which is about to conclude its economic support program as well as signs of weakness from the euro area.
The MSCI Asia Pacific index slipped 0,1% to 139.64 as of 9:02am in Tokyo, after hitting a four-month low yesterday. The measure totaled the largest monthly loss in more than two years in September on fears over the Chinese slowdown and the possibility of the Fed raising interest rates.
“Volatility in global markets will overwhelm risky assets,” said Evan Lucas, market strategist at IG in Melbourne. “Equity markets will continue to experience shareholder outflows.”
Japan's Topix fell 1,3% for the biggest decline in two months. South Korean Kospi lost 0,5 percent. Australia's S&P/ASX 200 was down 0,4% while New Zealand's NZX 50 was down 0,3%. Markets remain closed in Hong Kong today, while mainland Chinese markets are closed until Oct. 7.
